(Corrects to show 4.68 billion euros is the total for 2010-11
in paragraphs 1, 2 (not 4.68 plus 2.34)
* EU signs off on short-term climate finance
* Uncertainties remain over medium-term funding
BRUSSELS, Nov 8 EU finance ministers on Tuesday
signed off on more than 4 billion euros ($5.5 billion) in
short-term funding to help developing countries adapt to climate
change and curb emissions -- even as they met to grapple with
Europe's debt crisis.
Draft conclusions seen by Reuters showed EU member states
had mobilised an estimated a total of 4.68 billion euros in 2010
and 2011 so far, as part of a commitment to provide 7.2 billion
"Considering the economic and fiscal challenges we are faced
with, this demonstrates our strong commitment to deliver on the
Cancun (climate summit) agreement and to the G20 (Group of 20
industrialised nations) commitment to fight climate change," the
Non-governmental organisations said it provided a glimmer of
hope that environmental issues had not been knocked off the
agenda by European debt, but they also voiced concern the funds
had been reallocated from elsewhere and were not new money.
"On first sight, European governments have done well on
meeting their commitments to help poor countries cope with
immediate climate change impacts. But they have done this mainly
by re-labelling development aid as climate finance," said Lies
Craeynest, Oxfam's EU climate change policy adviser.
The EU's billions are part of a commitment to provide $30
billion between 2010 and 2012 to developing nations.
Known as "fast-start finance", it was promised at the 2009
climate summit in Copenhagen to help nations adapt in the
For the longer term, in 2010 in Cancun, countries
reconfirmed a commitment to raise $100 billion annually by 2020.
When the fast-start financing runs out, there could be a
"At the moment, we have very little indication they are
willing to put any more money on the table beyond 2012," said
A European Union statement at the end of the finance
ministers' meeting said it had underlined the need to identify a
path "for scaling up climate finance from 2013 to 2020."
Oxfam and other non-governmental organisations are eager to
establish sources of climate finance that are distinct and
Together with WWF, it has put forward a proposal -- for
discussion at climate talks in Durban beginning later this month
-- to raise funds by applying a carbon price to international
($1 = 0.727 Euros)
(Reporting by Barbara Lewis; editing by Rex Merrifield)